SOCAR Turkiye Enerji's investments in gas business in Türkiye exceed $200 million

The total investment of SOCAR Turkiye Enerji in the gas business in Türkiye has reached $209 million, SOCAR Turkiye Enerji CEO Elchin Ibadov said at a press conference in Istanbul, according to Report.

"Currently, we are carrying out gasification work in Kayseri and Bursa. Total investments in Kayserigaz and Bursagaz distribution networks amounted to $209 million," he said.

According to Ibadov, the Bursagaz distribution network extends to 7,703 km, while Kayserigaz's network extends to 7,118 km.

He stated that Bursagaz has 1.2 million subscribers, while Kayserigaz has 700,000 subscribers.

Regarding the possibility of SOCAR Turkiye Enerji selling its gas distribution business in Türkiye, Ibadov noted that the company is currently evaluating several offers it has received.

"Our gas distribution companies Bursagaz and Kayserigaz are operating very successfully, and we haven't put them up for sale. We are simply evaluating several interesting offers that we received. I hope that a decision will be made soon in this regard. We are evaluating these offers for their alignment with our strategic interests, our future plans, and our financial aspects," said Ibadov.

He added that the company's five-year strategy does not include expansion in the gas distribution sector.

"Therefore, if such a sale takes place, it would not contradict the company's strategic plans," he said. Earlier, Turkish media reported that the State Oil Company of Azerbaijan was negotiating the sale of SOCAR Turkiye Dogalgaz Yatirim AS, which includes gas distribution companies Kayserigaz and Bursagaz.